Individual Voluntary Arrangement (IVA)
IVA is a less restrictive alternative to bankruptcy. An IVA is simply an arrangement between the debtor and the creditor that the debtor will prepay a percentage of the amount by the lifetime of the IVA (usually 5 years). At the end of the IVA any outstanding debt is usually written off. The Insolvency Practitioner plays a large part in this option by proposing the IVA to the creditors and reviewing repayments. An IVA will stay on your credit record for 6 years.
I have an IVA, will I be able to remortgage?
Through the life of the IVA your chances of getting a remortgage are limited as it will adversely affect your credit worthiness. Once the IVA has expired many lenders will still be unwilling to accept your application. Some prefer you to have had at least a year free of the IVA in order to consider your application. Other lenders may be more flexible but may ask a larger deposit from you and a higher interest rate. Again remortgage lenders who specialize in dealing with bad credit histories will be more likely to accept your application.
Get a Quote from an IVA Mortgage & Remortgage specialist:
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Fill out the simple – no obligation form
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Wait for qualified advisors to get in touch and discuss your personal circumstances.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
The actual rate will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for mortgage advice. The fee will normally be 2% of the mortgage advance, minimum of £950 and a maximum of £3000.The fee can usually be added to the mortgage amount.
Enable Finance Ltd. is authorised and regulated by the Financial Services Authority for mortgages and non-investment insurance. Buy-to-Let mortgages are not normally regulated by the Financial Services Authority.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE